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  "documentTitle": "American Capital, Ltd. (ACAS)",
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      "text": "\"We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value\" — KBW Research Note, November 9, 2015; \"We apply an 80% book value multiple to the net assets of American Capital Income\" — Cantor Fitzgerald Research Note, November 9, 2015",
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      "text": "Spin-Out Proposal Permanently Impairs Value\nACAP will Continue to Trade at a Discount to NAV",
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